How big are the houses of which you speak. The average house, built today is about 2000 sq. ft.
I've always agreed that a house which someone buys for their personal residence , should not cost more than 3 X annual salary, before txes. The lower you can go than that the better. But, 3X should be max, and you should have enough $$$ for 20% down, and 3 months worth of utilities. I think that used to be a kind of rule of thumb ....bobford
----- Original Message ----
From: "Clansgian at wmconnect.com" <Clansgian at wmconnect.com>
To: homestead at lists.ibiblio.org
Sent: Wednesday, September 24, 2008 5:25:22 PM
Subject: Re: [Homestead] Wrong admission
> >Yes, it is nice that low-income and blacks and Hispanics are in houses.
> BUT, they should be in houses they can afford. As should all the lower
> middle-class that suddenly were buying McMansions.
That's the thing. Because so much mortgage money was available, there was no
incentive to build modest houses. We could have had a lot more homeowners
(as opposed to home-debtors) if we had not built so many of those rattling,
cavernous monstrosities. </HTML>
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